State approves Magen David Yeshivah’s expected $1.5M purchase of two parcels owned by education nonprofit

The office of the New York State Attorney General this week approved a contract signed by Magen David Yeshivah as buyer with a tuition assistance nonprofit, Mattan Basseter Inc., as seller, for two small parcels at 2132 and 2136 McDonald Avenue in Gravesend, Brooklyn. One of the parcels is adjacent to the yeshivah’s elementary school at 2130 McDonald Avenue.

The approval, dated March 16, 2026, will result in a cash infusion to the nonprofit which distributes between about $900,000 and $1.3 million annually in tuition assistance and food assistance, mostly to Sephardic organizations in Brooklyn, but not exclusively.

The acquisition is part of a broader trend of institutional consolidation in the neighborhood. For example, Magen David paid $13.8 million in 2023 to buy a Gravesend development site for a new high school.

The seller, a nonprofit led by Aslan Bawabeh, its president, focuses on providing tuition assistance and aid for food and daily living expenses to needy families, and has historically operated with a lean financial profile. In its most recent full fiscal year ending June 2024, the organization reported total revenue of just over $1.3 million, nearly all of which was derived from contributions and grants. The name Mattan Basseter translates literally to “Giving in Secret” or “Gift in Secret.”

According to its tax filings, Mattan Basseter’s core mission is ensuring children can attend yeshiva regardless of their family’s financial status. In 2023-2024, the organization distributed roughly $948,678 in tuition assistance and an additional $226,558 for food and basic needs.

The Attorney General’s approval noted that the sale proceeds are intended to further the petitioner’s charitable purposes, specifically providing tuition assistance to families who cannot afford the full cost of yeshiva education. The deal is expected to close within the coming months, pending final administrative checks.

The properties

The specialty building at 2132 McDonald Avenue in Gravesend has 1,900 square feet of built space and 121 square feet of additional air rights for a total buildable of 2,023 square feet according to a PincusCo analysis of city data. The parcel has frontage of 26 feet and is 76 feet deep with a total lot size of 2,023 square feet. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing. The city-designated market value for the property in 2022 is $232,000. This property was sold for $950,000 on May 10, 2007.

The vacant lot at 2136 McDonald Avenue has frontage of 26 feet and is 76 feet deep with a total lot size of 2,017 square feet. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing. The city-designated market value for the property in 2022 is $110,000. This property was sold for $600,000 on August 6, 2007.

Direct link to the property’s 2132 McDonald Avenue ACRIS page
Direct link to the property’s 2136 McDonald Avenue ACRIS page